Electrovaya's Preliminary FY2023 Revenue of $42.2 Million, Up 113% Y/Y

FY 2023 Revenue In line with Guidance; CAGR of 100% over 2 years

TORONTO, ON / ACCESSWIRE / October 3, 2023 / Electrovaya Inc. ("Electrovaya" or the "Company") (NASDAQ:ELVA)(TSX:ELVA), a leading lithium-ion battery technology and manufacturing company, announced preliminary unaudited Q4 and Fiscal Year 2023 revenue. ("Q4 FY2023" and "FY2023", respectively). All dollar amounts are in U.S. dollars unless otherwise noted.

Foto: Accesswire

• Preliminary unaudited Q4 FY 2023 revenue of US$13.4 million⁽¹⁾ (C$18.1 million⁽²⁾) for the quarter ending September 30, 2023, an increase of 35% compared with Q4 FY 2022
• Preliminary unaudited FY 2023 revenue of US$42.2 million⁽¹⁾ (C$56.9 million⁽²⁾), an increase of 113% compared with $19.8 million (C$26.7 million⁽²⁾) in FY 2022; and an increase of 264% compared to $11.6 million (C$15.6 million⁽²⁾) in FY 2021; a CAGR of 100% over 2 years
• Management expects strong growth to continue in FY2024. The Company intends to provide formal guidance for FY2024 when it releases its audited FY2023 financial statements

Dr. Raj DasGupta, CEO of Electrovaya, said, "We have passed a key inflection point demonstrating our ability to scale our core Infinity Battery technology to meet the needs of the world's most intensive electrified applications. This is exemplified by the execution of our growth, production and profitability objectives for the fiscal year. We plan to build on this momentum in FY2024 with continued growth in our core material handling vertical and develop new applications where our Infinity Technology provides a competitive edge.

John Gibson, CFO of Electrovaya, said, "This has been a record revenue quarter with continued profitability for Electrovaya. We are maintaining our focus on high value applications while continuing to expand and penetrate our end markets."

1. The preliminary results set forth above are based on an initial review of the Company's operations for the quarter and year ended September 30, 20223 and are subject to change. Actual results could differ from these preliminary results following the completion of year-end closing procedures, final adjustments and other developments arising between now and the time that the Company's financial results are finalized, and such changes could be material. While the Company believes there is a reasonable basis for these preliminary financial results, the results involve known and unknown risks and uncertainties that may cause actual results to differ materially. These preliminary fiscal results represent forward-looking information. See "Forward Looking Information".
2. Using an average exchange rate for twelve months of 1US Dollar=1.3481 Canadian Dollars

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